Cryptocurrency transactions using credit cards will no longer be allowed in Taiwan, as the island nation’s watchdog believes digital currencies are risky and speculative assets, local reports disclose.

In a letter sent to the banking industry association earlier this month, Taiwan’s Financial Supervisory Commission urged them not to extend “merchant status” to digital asset providers that support credit card holders.

According to reports, credit card processors must be vigilant and should not utilize virtual assets. The reports noted that credit card companies believe that cards are only consumer payment instruments and not investment and wealth management devices with high speculative financial leverage trades.  Read more...